President Bush pursued moderate policies in both domestic and foreign policy. During the final days of the Cold War, he was responsible for managing US foreign policy during the delicate transition of the Soviet Union and eastern Europe from being communist states to being liberal democracies. He championed the concept of a New World Order where international law and global consensus would replace military and strategic confrontation as a means of accomplishing diplomatic objectives. This idea was exemplified during the Gulf War, when the US rallied a global coalition to reverse the invasion of Kuwait by Iraq under Saddam Hussein. In domestic policy, Bush's most notable initiative was the Omnibus Budget Reconciliation Act of 1990, a controversial compromise with congressional Democrats that traded spending controls for tax increases, to balance the federal budget.

After finishing flight training, he was assigned to Torpedo squadron (VT-51) as photographic officer in September 1943. As part of Air Group 51, his squadron was based on U.S.S. San Jacinto in the spring of 1944. San Jacinto was part of Task Force 58 that participated in operations against Marcus and Wake Islands in May, and then in the Marianas during June. On June 19 the task force triumphed in one of the largest air battles of the war. On his return from the mission Bush's aircraft made a forced water landing. A submarine rescued the young pilot, although the plane was lost as well as the life of his navigator. On July 25 Bush and another pilot received credit for sinking a small cargo ship off Palau.

George H. W. Bush flying TBM Avenger off the carrier USS San Jacinto (CVL-30) in 1944After Bush's promotion to Lieutenant Junior Grade on August 1, San Jacinto commenced operations against the Japanese in the Bonin Islands. On September 2, 1944, Bush piloted one of four aircraft from VT-51 that attacked the Japanese installations on Chichi Jima. For this mission his crew included Radioman Second Class John Delaney and Lieutenant Junior Grade William White, who substituted for Bush's regular gunner. During their attack four TBM Avengers from VT-51 encountered intense antiaircraft fire.

While starting the attack, Bush's aircraft was hit and his engine caught on fire. He completed his attack and released the bombs over his target, scoring several damaging hits. With his engine on fire, Bush flew several miles from the island, where he and one other crew member on the TBM Avenger bailed out of the aircraft. However, the other man's parachute did not open, and he fell to his death. It was never determined which man bailed out with Bush. Both Delaney and White were killed in action. While Bush waited four hours in his inflated raft, several fighters circled protectively overhead until he was rescued by the lifeguard submarine U.S.S. Finback. For this action Bush received the Distinguished Flying Cross. During the month he remained on Finback, Bush helped rescue other pilots.

Bush subsequently returned to the San Jacinto in November 1944. He participated in operations in the Philippines. When San Jacinto returned to Guam, the squadron, which had suffered 300 percent casualties of its pilots, was replaced and sent to the United States. Through 1944 he had flown 58 combat missions for which he received the Distinguished Flying Cross, three Air Medals, and the Presidential Unit Citation awarded aboard the San Jacinto.